What changed in this filing

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Item 1. Business

2023-09-22 compared with 2022-09-27 · 202 added, 161 removed, 387 unchanged (48% of the section changed)

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locations around the globe.

in 1997, NETSOL is headquartered in Calabasas, California.

NETSOL follows a global strategy for sales and delivery of its portfolio of

solutions and services through its offices in the following locations:

in 1997, NETSOL is headquartered in Encino, California.

NETSOL follows a global strategy for sales and delivery of its portfolio of solutions

and services through its offices in the following locations:

Encino, California and Austin, Texas

Metropolitan Area, Horsham, Flintshire

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Business Model

believes that our technology solutions offer our customers a return on their investment and allow us to thrive in a hyper competitive

believe that our technology solutions offer our customers a return on their investment and allow us to thrive in a hyper competitive

and mature global marketplace.

Our solutions are bolstered by our people.

NETSOL believes that people are the drivers of success;

We believe that people are the drivers of success;

we invest heavily in our hiring, training and retention of top-notch staff to ensure not only successful selling, but also the ongoing

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Taken together, this “selling and attentive servicing” approach creates a distinctive advantage

for NETSOL and a unique value for its customers.

NETSOL continues to underpin its proven and effective business model which is a combination

of affordable pricing through effective cost arbitrage, subject matter expertise, domain experience, scalability and proximity with its

for us and a unique value for our customers.

We continue to underpin our proven and effective business model which is a combination of

affordable pricing through effective cost arbitrage, subject matter expertise, domain experience, scalability and proximity with our

global and regional customers.

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position in the auto equipment finance segment.

NETSOL has a significantly growing presence in the general asset finance space, including

We have a significantly growing presence in the general asset finance space, including

equipment and the big-ticket financing industry together with startups and banks.

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is still nascent per Western standards.

has a strong presence in the captive asset-finance domain.

have a strong presence in the captive asset-finance domain.

With a collective experience of over two decades in Asia Pacific and Europe

and of nearly four decades in North America, NETSOL is one of the few players in this niche industry with a global presence.

and of nearly four decades in North America, we are one of the few players in this niche industry with a global presence.

with Global and Regional Customers

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This has not only helped us strengthen our customer relationships but also build a deeper understanding of local market dynamics.

Simultaneously, we are able to extend services and even support development through a combination of onsite and off-site resources.

approach has allowed us to offer blended rates to our customers by employing a unique and cost-effective global development model.

our business model is built around the development, implementation and maintenance of our suite of financial applications, we have employed

Simultaneously,

we are able to extend services and even support development through a combination of onsite and off-site resources.

This approach has

allowed us to offer blended rates to our customers by employing a unique and cost-effective global development model.

our business model is built around the development, implementation and maintenance of our suite of financial applications, we employ

the same facilities and competencies to extend our offerings into related segments, including but not limited to:

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All of the subsidiaries are seamlessly integrated

to function effectively with global delivery capabilities, cross selling to multinational asset finance companies, leveraging of the centralized

marketing and pre-sales organization, and a network of employees connected across the globe to support local and global customers and

to function effectively with global delivery capabilities, cross selling to multinational asset finance companies, leveraging of the

centralized marketing and pre-sales organization, and a network of employees connected across the globe to support local and global customers

and partners.

PRODUCTS AND SERVICES

the complete finance and leasing cycle starting from quotation origination through contract settlements, NFS Ascent ® has

been designed and developed for a highly flexible setting and is capable of dealing with multinational, multi-company, multi-asset, multi-lingual,

the complete finance and leasing cycle starting from quotation origination through contract settlements, NFS Ascent ® is

designed and developed for a highly flexible setting and is capable of dealing with multinational, multi-company, multi-asset, multi-lingual,

multi-distributor and multi-manufacturer environments.

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customer satisfaction:

Ascent ® and NFS Digital empower not only the finance company and dealerships,

but the end customer as well with self-service digital tools allowing a seamless customer

experience throughout the customer journey from origination through contract maturity.

Ascent ® and NFS Digital empower not only the finance company and dealerships, but the end customer as well with self-service

digital tools allowing a seamless customer experience throughout the customer journey from origination through contract maturity.

ASCENT ® CONSTITUENT APPLICATIONS

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launch strategy framework for auto companies that intend to launch and grow digital retail and mobility businesses quickly and seamlessly.

is built on state-of-the-art technology, offering open Application Programming Interfaces, (“APIs”) and ecosystem partner

integrations that are crucial to digital retail and mobility operations including finance and insurance providers, trade-in tools, KYC

and fraud detection tools, CRM systems, website providers (Tier 1 – Tier 3), marketing toolkits, inventory feeds, pricing engines,

payment processors, an insurance marketplace and vehicle delivery logistics providers.

is built on state-of-the-art technology, offering open Application Programming Interfaces (APIs) and ecosystem partner integrations

that are crucial to digital retail and mobility operations including finance and insurance providers, trade-in tools, KYC and fraud detection

tools, CRM systems, website providers (Tier 1 – Tier 3), marketing toolkits, inventory feeds, pricing engines, tax engine, payment

processors, an insurance marketplace and vehicle delivery logistics providers.

addition, Otoz TM is equipped with intelligent lead generation and product analytics capabilities, empowering dealerships with

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fully digital, white-label platform for digital auto retail and mobility orchestration that delivers an intuitive and elegant user experience,

both online and offline.

expands into a comprehensive in-life subscription and rental platform that empowers in-life and end-of-life management of such

The platform’s seamless handling of complex tax rules and contract management processes are compliant with local and

state standards for jurisdictions it operates in across the U.S.

platform consists of two portals:

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builder and personalized pricing for purchase, lease, finance, subscription, and rentals

finance and insurance products

Dealer-Customer-Chat

finance and insurance products including collision & liability insurance via integrated provider marketplaces

checks (paperless)

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delivery and pick-up scheduling

is a newly developed, API-based, ready-to-use calculation engine.

It is a pure play SaaS product that is cloud-based and can be integrated

seamlessly into an organization’s products, services and ecosystem.

Our calculation engine intelligently adapts to demand by monitoring

usage to maintain reliable and predictable performance at desired costs.

It is a one-stop solution that guarantees precise calculations

at all stages of the contract lifecycle through various calculation types.

introduced AppexNow - the first marketplace for API-first products specifically for the global credit, finance and leasing industry.

Two products have been launched under the umbrella of the AppexNow marketplace until now i.e.

Flex and Hubex.

NETSOL will introduce and

launch further products and services under this marketplace in the future.

first product offering from the AppexNow marketplace, Flex is an API-based, ready-to-use calculation engine.

It is a pure play SaaS product

that is cloud-based and can be integrated seamlessly into an organization’s products, services and ecosystem.

The calculation engine

intelligently adapts to demand by monitoring usage to maintain reliable and predictable performance at desired costs.

It is a one-stop

solution that guarantees precise calculations at all stages of the contract lifecycle through various calculation types.

is a comprehensive solution which creates an ecosystem of value across multiple functions, systems and industries to fuel growth and

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the calculations are parameter-driven, which helps perform simple, multi-dimensional, or complex calculations based on the needs.

is also offering professional services to organizations in different regions in order to enable them to meet their business objectives.

These services primarily consist of technical consultancy, web development, app development, digital marketing, cloud services, outsourcing

and co-sourcing.

to its professional services offerings, NETSOL’s highly skilled and experienced professionals include skilled software programmers,

well-versed business analysists, competent quality assurance engineers, technical and solution architects, project managers, cloud native

developers and architects, mobile/web app developers and automation specialists.

is an API library that enables companies to standardize all their API integration procedures across multiple API services through a single

Hubex is NETSOL’s second product offering from the AppexNow marketplace following Flex.

addition to traditional lending companies, Hubex can also streamline the operations of dealerships, vendors and consultants through an

With a ready-to-use service, Hubex makes it easy for businesses to seamlessly connect with multiple APIs and achieve their

desired outcomes.

Pre-integrated services in the Hubex library include, but are not limited to, payment processing, bank account authentication,

finance and insurance products, fraud check, KYC service, driver license verification, address validation, vehicle valuation and notification

offers professional services to organizations in different regions in order to enable them to meet their business objectives.

These services

primarily consist of technical consultancy, web development, app development, digital marketing, cloud services, outsourcing and co-sourcing.

to our professional services offerings, our highly skilled and experienced professionals include skilled software programmers, well-versed

business analysists, competent quality assurance engineers, technical and solution architects, project managers, cloud native developers

and architects, mobile/web app developers and automation specialists.

enable businesses to employ the industry’s best talent to help them develop and refine their technology strategy, innovate, execute

their roadmap and optimize service quality.

We have been expanding our footprint in the cloud services domain by offering services to the AWS community.

We aim for our cloud

services to be well recognized, expanding our reach to relevant prospects.

Since AWS is the most comprehensive and highly adopted cloud

offering, we are leveraging its power to ensure lower costs, increased agility, a secure environment, and innovative solutions across

have expanded our footprint in the cloud services domain by offering services to the AWS community.

We aim for our cloud services to

be well recognized, expanding our reach to relevant prospects.

Since AWS is the most comprehensive and highly adopted cloud offering,

we are leveraging its power to ensure lower costs, increased agility, a secure environment, and innovative solutions across all domains.

AWS customer offerings include:

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and, information security services.

dedicated team has been working with great enthusiasm under the leadership of Dr.

Ali Ahmed, Chief Data Scientist at NETSOL, to develop

artificial intelligence and machine learning solutions.

With experience in Machine Learning, Scientific Computing and Computer Vision,

Ahmed has extensive experience in developing and implementing algorithms for industrial solutions in predictive maintenance.

is a new service offering from NETSOL and by deploying AI solutions and leveraging cutting-edge technologies, we enable clients to optimize

production, decrease downtime and provide a holistic view of their business processes.

dedicated team is under the leadership of Dr.

Ali Ahmed, Chief Data Scientist at NETSOL, to develop artificial intelligence and machine

learning solutions.

With experience in machine learning, scientific computing and computer vision, Dr.

Ahmed has extensive experience

in developing and implementing algorithms for industrial solutions in predictive maintenance.

AI team seeks to deploy AI solutions leveraging cutting-edge technologies to enable clients to optimize production, decrease downtime

and provide a holistic view of their business processes.

IMPLEMENTATION

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implementation, support-related services

fees can range to a multi-million-dollar fee for single or multiple module implementations.

fees can range up to a multi-million-dollar fee for single or multiple module implementations.

License revenue is realized with traditional,

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Moreover, this value-driven

pricing plan is intended to decrease the initial buy-in cost for new customers by eliminating heavy license fees, reduce the sales cycles

and provide an alternative to current customers seeking lower software usage and maintenance costs.

pricing plan is intended to decrease the initial buy-in cost for new customers by eliminating heavy license fees, reducing the sales

cycles and providing an alternative to current customers seeking lower software usage and maintenance costs.

South East Asia Pte.

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affiliated companies.

have strategic partnerships with Microsoft and CGI pertaining to cloud-hosting activities for our cloud-based products.

its cloud version of Ascent, NFS Ascent ® deployed on the cloud and LeasePak Cloud - SaaS in the high performance and cost-effective

Microsoft Azure cloud environment.

A quick start implementation program combined with hassle-free Microsoft Azure™ cloud connectivity

ensures new clients see a time-to-value faster than ever before.

and CGI agreed to promote each other for their respective products and services amongst their respective existing customers across various

We also utilize CGI for managed services and cloud hosting-related activities for our engagements with their customers in Europe

particularly.

have a partnership with Microsoft to provide cloud-hosting activities for our cloud-based products.

NETSOL hosts its cloud version of

Ascent, NFS Ascent ® deployed on the cloud and LeasePak Cloud - SaaS in the high performance and cost-effective Microsoft

Azure cloud environment.

A quick start implementation program combined with hassle-free Microsoft Azure™ cloud connectivity ensures

new clients see a time-to-value faster than ever before.

are a Microsoft Certified Silver Partner and an Oracle Certified Partner.

continue our optimism that we will experience ever increasing opportunities for our product and services offerings in 2022 and beyond.

For Amazon Web Services (“AWS”), we are a Select

Tier Partner, a Well Architected Partner and a Solution Provider under their AWS Partner Programs and Cloud Formation Delivery Service,

Lambda Delivery Service and API Gateway Delivery Service under AWS Service Delivery.

continue our optimism that we will experience ever increasing opportunities for our product and services offerings in fiscal year 2024

The objective of our marketing program is to create and sustain preference and loyalty for NETSOL.

Marketing is performed at the corporate

and business unit levels.

The corporate marketing department has overall responsibility for communications, advertising, public relations

and management of all digital owned and paid mediums including website, social media channels and collaboration with industry partners.

In addition, corporate marketing oversees central marketing and communications programs for use by each of the business units.

Marketing is performed

at the corporate and business unit levels.

The corporate marketing department has overall responsibility for communications, advertising,

public relations and management of all digital owned and paid mediums including website, social media channels and collaboration with

industry partners.

In addition, corporate marketing oversees central marketing and communications programs for use by each of the business

dedicated marketing personnel, within the regions, undertake a variety of marketing activities, including sponsoring focused client events

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geographic and product markets.

NETSOL is eyeing key international markets for growth in sales.

Its sales strategy not only focuses on

expansion into new geographic markets, including the Americas, Europe, and further penetration of our leading position in Asia Pacific,

but also within existing markets into new verticals with targeting of Tier 2 and Tier 3 prospects as well.

We are eyeing key international markets for growth in sales.

Our sales strategy not only focuses on expansion

into new geographic markets, including the Americas, Europe, and further penetration of our leading position in Asia Pacific, but also

within existing markets into new verticals with targeting of Tier 2 and Tier 3 prospects as well.

in North America and Europe is expected to come from the potential market for replacement of legacy systems as well as acquisition of

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customization and upgrade services.

With a market ready product with successful implementation, the prospects for NFS Ascent ®

With a market ready product with successful implementations, the prospects for NFS Ascent ®

in the region are positive.

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to support not only larger organizations, but also small and medium sized organizations including startups.

in NETSOL’s traditionally strong base in Asia Pacific is expected through diversification across market segments to include new

customers in related banking and commercial lending areas.

At the same time, the existing customer base is tapped for increased service

and support revenues by offering enhanced features and new solutions to emerging customer needs.

In addition, there is a potential for

NFS Ascent ® in Asia Pacific in the form of existing customers who are looking for replacement of their current system.

China, NETSOL is a leader in the leasing and finance enterprise solution domain.

With this position, NETSOL continues to enjoy demand

for the current NFS™ solution, as well as NFS Ascent ® .

NETSOL will continue strengthening its position within existing

multinational auto manufacturers, as well as local Chinese captive finance and leasing companies.

in our traditionally strong base in Asia Pacific is expected through diversification across market segments to include new customers

in related banking and commercial lending areas.

At the same time, the existing customer base is tapped for increased service and support

revenues by offering enhanced features and new solutions to emerging customer needs.

In addition, there is a potential for NFS Ascent ®

in Asia Pacific in the form of existing customers who are looking for replacement of their current system.

China, we are a leader in the leasing and finance enterprise solution domain.

With this position, we continue to enjoy demand for the

current NFS™ solution, as well as NFS Ascent ® .

We will continue strengthening its position within existing multinational

auto manufacturers, as well as local Chinese captive finance and leasing companies.

provide our services primarily to clients in global commercial industries.

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The marketing for our core offerings in the Americas

and Europe is carried out from our Los Angeles Area and London Metropolitan Area and Horsham offices, respectively.

believe we have developed a strong corporate culture that is critical to our success.

Our key values are delivering world-class quality

solutions, client-focused timely delivery, leadership, long-term relationships, creativity, transparency and professional growth.

services provided by NETSOL require proficiency in many fields, such as software engineering, quality assurance, project management,

business analysis, technical writing, sales and marketing, communication and presentation skills.

to the growing demand for our core offerings and IT services, retention of technical and management personnel is essential.

turnover was under 16.04 % in

2022 with a goal to maintain the turnover level under 18% during the 2023 fiscal year and

In addition, we are committed to improving key performance indicators such as efficiency, productivity and revenue per employee.

and Europe is carried out from our Austin, Texas and our London Metropolitan Area and Horsham offices, respectively.

strong corporate culture is critical to our success.

Our key values are delivering world-class quality solutions, client-focused timely

delivery, leadership, long-term relationships, creativity, transparency and professional growth.

The services provided by NETSOL require

proficiency in many fields, such as software engineering, quality assurance, project management, business analysis, technical writing,

sales and marketing, communication and presentation skills.

to the growing demand for our core offerings and IT services, retention of quality, proven technical and management personnel is essential.

Our employee turnover rate was approximately 19% in

2023 with a goal to maintain the turnover rate under 21% during the 2024 fiscal year and

The turnover rates include employees leaving either voluntarily or involuntarily.

In addition, we are committed to improving

key performance indicators such as efficiency, productivity and revenue per employee.

encourage all employees to build on our core values, we reward teamwork and promote individuals that demonstrate these values.

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on which our success has been based.

We support gender diversity on a global basis.

We are an equal opportunity employer with the largest

concentration of female employees in Lahore, Pakistan and our U.S.

We support diversity on a global basis.

We are an equal opportunity employer with the largest concentration

of female employees in Lahore, Pakistan and our U.S.

headquarters.

believes it should give back to the community and employees as much as possible.

Certain subsidiaries of NETSOL are located in regions

where basic services are not readily available.

Where possible, NETSOL acts to not only improve the quality of life of its employees,

but also the standard of living in these regions.

believe we should give back to the community and employees as much as possible.

Certain subsidiaries are located in regions where basic

services are not readily available.

Where possible, we act to not only improve the quality of life of our employees, but also the standard

of living in these regions.

Examples of such programs are as follows:

Launched to educate children of our unskilled staff, the main objective of this program is to enable them to acquire basic reading,

writing and arithmetic skills.

Launched to educate children of our unskilled staff, the main objective of this program is to enable them to acquire basic

reading, writing and arithmetic skills.

Education and Science and Research Institutions:

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Care Facility:

NETSOL’s human resources are its key assets and thus we take numerous steps to ensure the provision of basic

comforts to our employees.

Our human resources are our key assets and thus we take numerous steps to ensure the provision of basic comforts to

our employees.

In Pakistan, the provision of outside pre-school childcare is a rarity.

With this in mind, a children’s

day care facility has been created near NETSOL’s offices providing employees with peace of mind knowing their children are

nearby and being taken care of by qualified staff in a child friendly facility.

Due to COVID-19 restrictions, the facility is temporarily

With this in mind, a children’s day

care facility has been created near NETSOL’s office in Lahore, Pakistan providing employees with peace of mind knowing their

children are nearby and being taken care of by qualified staff in a child friendly facility.

Due to COVID-19 restrictions, the facility

is temporarily closed.

Health Care Program:

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comprised of 76% technical staff and 24% non-IT personnel .

No company dominates the IT market in the space in which we compete.

A substantial number of companies

offer services that overlap and are competitive with those offered by NETSOL.

company dominates the IT market in the space in which we compete.

A substantial number of companies offer services that overlap and are

competitive with those offered by NETSOL.

compete chiefly against leading suppliers of IT solutions to the global asset finance and leasing industry, including, but not limited

to, White Clarke Group, Alfa, Cassiopae, LineData, FIS, International Decision Systems (IDS) and Data Scan.

the IT-based business services areas, we compete with both smaller local firms and many global IT services providers, including, but not

limited to, Wipro, InfoSys, Satyam Infoway, HCL and TCS (Tata Consulting).

to, Solifi, Alfa, Cassiopae, LineData, FIS, International Decision Systems (IDS) and Data Scan.

the IT-based business services areas, we compete with both smaller local firms and many global IT services providers, including, but

not limited to, Wipro, InfoSys, Satyam Infoway, HCL and TCS (Tata Consulting).

solutions and services cater to a broad spectrum of finance and leasing businesses, from automotive captive finance companies to equipment

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Peter Minshall, Executive Vice President at NetSol Technologies Americas, Inc.

(NTA) is responsible for the entire portion of NTA’s

business operations.

He brings three decades of international experience in the financial services industry holding various senior

leadership roles with Daimler Financial Services.

(NTA) is responsible for NTA’s business operations.

He brings three decades of international experience in the financial services industry holding various senior leadership roles with Daimler

Financial Services.

Peter continues to be supported by Doug Jones as Vice President - Operations for NTA.

Doug is a visionary, focused, and driven technology leader credited with shaping team performance to deliver best-in-class, leading web-based

and embedded software applications for the finance and leasing industry.

Peter is also supported by James Freto, who serves as Vice President

– Sales for NTA.

Prior to his appointment, Freto had been working for Fortune 500 financial product and services provider FIS as

a Senior Sales Executive, selling origination and credit assessment solutions to mid to large-size financial institutions in the banking

and asset finance segments.

Freto brings directly applicable sales experience and subject matter expertise in key NETSOL markets.

augment the AWS team, in the United States, Rajnish Harjika serves as VP Technology, Cloud Services and Mark Timm serves as Senior Vice

President of Cloud Services.

Doug is a driven technology

leader credited with shaping team performance to deliver best-in-class, leading web-based and embedded software applications for the

finance and leasing industry.

is also supported by James Freto, who serves as Vice President – Sales for NTA.

Prior to his appointment, Freto worked for Fortune

500 financial product and services provider, FIS, as a Senior Sales Executive, selling origination and credit assessment solutions to

mid to large-size financial institutions in the banking and asset finance segments.

Freto brings directly applicable sales experience

and subject matter expertise in key NETSOL markets.

is further supported by Jay Edwards, who serves as Vice President Sales and Wholesale Product Manager for NetSol Technologies, Inc.

is a dynamic experienced fintech business leader with a highly successful track record in the information technology and financial services

industry, with a focus on digital transformation.

He possesses strong professional skills in Business Development, Account Management,

IT Operations, eCommerce and Business Process Outsourcing.

augment the AWS team, in the United States, Rajnish Harjika serves as VP Technology, Cloud Services.

CEO and Co-founder, Mr.

Naeem Ghauri, was also recently appointed as Chairman for NETSOL Technologies Pakistan and is also NETSOL’s

President for the parent company NetSol Technologies, Inc.

Naeem Ghauri, was recently appointed as Chairman for NetSol Technologies, Ltd., (“NetSol PK”)

and is also the President of the parent company, NetSol Technologies, Inc.

He is based in our Lahore, Pakistan office.

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Ghauri has a strong management team in

comprising of Chris Mobley and Chris Tobey.

headed by Darryll Lewis who has served as Managing Director of NetSol Technologies Europe since May 2023.

With over twenty years

in the receivables and asset finance software industry, Mr.

Lewis is a highly experienced and accomplished leader with a track record

of driving business growth and creating innovative solutions for clients.

Prior to joining NETSOL, Mr.

Lewis has held executive roles

at several leading asset finance software companies where he led teams responsible for developing and implementing successful software

Lewis is supported by a seasoned team in finance, IT and client services.

had previously acquired the remaining stake in Virtual Lease Services (VLS) - rebranded as Banking Works.

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Mark Cawood, an industry veteran, is the Managing Director,

while Diane Roberts serves as Director Finance.

while Diane Roberts serves as Director of Finance.

Pacific Region

Technologies, Ltd., (“NetSol PK”) a majority owned subsidiary of the parent company is located in Lahore, Pakistan and is

headed by Mr.

PK, a majority owned subsidiary of the parent company, is located in Lahore, Pakistan and is headed by Mr.

Salim Ghauri as its CEO.

Ghauri is a Co-founder of NetSol PK and has been with the company since 1996.

the “Center of Excellence” and a state-of-the-art facility for programming, R&D, global implementations and 24-hour support

to our customers worldwide.

NetSol PK is the “Center of Excellence” and

a state-of-the-art facility for programming, R&D, global implementations and 24-hour support to our customers worldwide.

Technologies (Beijing) Co.

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director for Sopra Banking Software where she was instrumental in developing business and driving sales.

She has previous experience

working for NETSOL as well.

Indonesia’s Country Head is Withoon Hardat.

During his 12 years as NETSOL, before taking charge of the Indonesia office, he has

served as Client Partner for the Thailand office as well as Director for Business Development for APAC.

Managing Director for NetSol Technologies Australia is Farooq Ghauri.

He has played a vital role in the NETSOL’s global success

through his hands-on leadership and unrelenting drive to meet the needs of NETSOL’s growing client base.

Since he joined the company

Ghauri has worked in NETSOL’s Pakistan, China, Australia, Thailand and U.S.

Prior to Sopra Banking Software,

Li was Vice President of NetSol Beijing.

Head of Indonesia is Withoon Hardat.

During his 12 years at NETSOL, before taking charge of the Indonesia office, he served as Client

Partner for the Thailand office as well as Director for Business Development for APAC.

He also serves as the Head of Thailand.

recently serving as the Managing Director of NetSol Technologies Australia and New Zealand, Farooq Ghauri has newly been appointed as

Head of Sales for all Asian Markets (excluding China).

He has played a vital role in NETSOL’s global success through his hands-on

leadership and unrelenting drive to meet the needs of NETSOL’s growing client base.

Since he joined the company in 2004, Mr.

has worked in NETSOL’s Pakistan, China, Australia, Thailand and U.S.

Global Sales Division is headed by Mr.

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2000 and has over 23 years of experience in business and IT.

Asia Pacific region including Australia/New Zealand and the Middle East, is supported and clients are serviced from the APAC region

offices located in Sydney, Beijing, Shanghai, Tianjin, Bangkok, Indonesia, Lahore and Karachi.

Pakistan continues to be a nucleus of

NETSOL’s delivery and research and development.

With the continued growth of the Chinese market, our Beijing office continues to expand

as both a sales and support facility.

Finally, the Asia Pacific region maintains and will establish offices through the region as is

necessary to support its customers and to explore potential new markets.

Asia Pacific region including Australia/New Zealand and the Middle East, is supported and clients are serviced from the APAC region offices

located in Sydney, Beijing, Shanghai, Tianjin, Bangkok, Indonesia, Lahore and Karachi.

Pakistan continues to be a nucleus of NETSOL’s

delivery and research and development.

With the continued growth of the Chinese market, our Beijing office continues to expand as both

a sales and support facility.

Finally, the Asia Pacific region maintains and will establish offices through the region as is necessary

to support its customers and to explore potential new markets.

APAC Region accounted for approximately 67.8% of our revenues in 2023.

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and Trademark Office.

The Company intends to trademark and copyright its intellectual property as necessary and in the appropriate jurisdictions.

We filed an application for the OTOZ Name with the U.S.

Patent and Trademark Office.

The Company intends to trademark

and copyright its intellectual property as necessary and in the appropriate jurisdictions.

APPROVAL AND REGULATION

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including our committee charters and code of conduct, is also available on our investor relations website at http://ir.netsoltech.com/governance-docs.

The content of our websites is not intended to be incorporated by reference into this Annual Report on Form 10-K or in any other report

or document we file with the SEC, and any references to our websites are intended to be inactive textual references only.

1A - RISK FACTORS

1B – UNRESOLVED STAFF COMMENTS

The content of our websites is not intended to be incorporated by reference into this Annual Report on Form 10-K or in any other

report or document we file with the SEC, and any references to our websites are intended to be inactive textual references only.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business